This research report titled ‘Global Sugar Confectionery Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The major drivers that will impact the growth of the global sugar confectionery market are the continuous growth in the retail sector; rising disposable income of consumers in emerging economies of APAC, MEA, Eastern Europe, and Latin America; increasing number of new product launches with innovative flavors; and vendors' focus on promotional activities and social media marketing.
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Technavio’s analysts categorize the global sugar confectionery market into six major segments by products. They are:
- Hard boiled sweets
- Caramel and toffees
- Gums and jellies
- Medicated confectionery
The top three segments based on products for the global sugar confectionery market are discussed below:
A hard candy or a boiled sweet is a type of sugar candy that is prepared from one or more sugar-based syrups like Mylose and Glucomalt by boiling them in a temperature range of 302-356 °F. Hard-boiled sweets include stick candies, lollipops, Bêtises de Cambrai, and aniseed twists. Hard-boiled candies are extremely popular among children globally.
According to Manjunath Reddy, a lead food research analyst from Technavio, “The global hard-boiled sweets market is driven by the growing retail sector and new product innovations that come with exotic flavors. Besides, sugar confectionery products like hard-boiled sweets are often purchased on impulse and instinct; one can easily find these items near the point of sales and billing counters inside supermarkets, retail stores, and convenience stores.”
Global caramels and toffees market
Toffees blended with caramel are the second-most popular product segment in the global sugar confectionery market, as this segment had a market share of nearly 22% in 2016. These toffees are prepared by caramelizing sugar or molasses with butter, and occasionally flour is used.
“The rise in gifting trends of sugar confectionery products along with rapid urbanization and hectic lifestyles of consumers are the major drivers of this market. Mars, Mondelēz, Perfetti Van Melle, Grupo Bimbo, and Nestlé are the major vendors in the global caramels and toffees market,” says Manjunath.
Global gums and jellies market
Gums and jellies, along with pastilles and licorice, form the third-largest product segment of the global sugar confectionery market. In 2016, the segment accounted for 20.64% of the global sugar confectionery market, in terms of revenue. Availability of a diverse range of products will drive the market growth of this product segment during the forecast period.
In the last five years, the gums and jellies segment witnessed the highest number of new product launches in the sugar confectionery market in North America. Due to their high vitamin, mineral, and protein content, gums are popular among health-conscious consumers. Gums and jellies are available in various flavors such as cherry, strawberry, orange, blue raspberry, and cinnamon.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Ferrara Candy Company
- Mondelēz International
- Perfetti Van Melle
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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